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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 22, 1999
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CASH TECHNOLOGIES, INC.
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(Exact name of Registrant as specified in charter)
Delaware 000-24569 95-4558331
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
1434 West 11th Street Los Angeles, California 90015
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (213) 745-2000
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(Former name or former address, if changed since last report.)
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Item 2. Acquisition or Disposition of Assets.
Cash Technologies, Inc. (the "Company") issued the following press release
regarding its proposed acquisition of a 51% interest in privately held Geld
Bearbeitungs Systems GES.M.B.H., an Austian company ("Geld"). Consummation of
the acquisition is subject to due diligence by the parties, negotiation and
execution of a definitive agreement, final approval of the Board of Directors of
the Company and possible approval of the shareholders of the shareholders of the
Company.
Cash Technologies To Acquire Majority Interest In Austrian Equipment
Manufacturer
LOS ANGELES, CA, March 22, 1999 -- Cash Technologies, Inc. (NASDAQ:CHNG)
announced today that it has agreed to acquire a 51% interest in Geld
Bearbeitungs Systeme GES.M.B.H. ("Geld"), the leading manufacturer of coin
equipment in Austria, for approximately $800,000 in cash and stock subject to
certain adjustments. Geld has been a supplier of components to CoinBank
Automated Systems, Inc., a Cash Technologies subsidiary.
"The Geld sales and service network in Germany and Austria will provide Cash
Technologies with improved infrastructure and distribution for self-service coin
machines as the European Union prepares for wide scale conversion to the euro,"
said Cash Technologies Chairman and CEO Bruce Korman. "This transaction also
brings important proprietary cash handling technologies in house, adds to the
Company's engineering resources and permits a substantial reduction of
manufacturing costs."
Germany represents by far the largest market economy in the group of European
Union ("EU") countries converting to the euro, responsible for approx. half of
the EU's gross domestic product. The United Kingdom is not taking part in the
euro conversion and not expected to participate for several years. Cash
Technologies has positioned itself to take a lead position in the gigantic euro
coin conversion problem facing the EU in 2002, when local currencies in the 11
participating countries will become unuseable.
Cash Technologies, Inc. develops and markets innovative e-commerce kiosks,
including advanced self-service coin counters and the multifunction ATM-X
automated teller machine. The Company also provides computerized cash
processing services to banks, armored carriers, rapid transit agencies and other
cash-intensive businesses.
Matters discussed in this release include forward-looking statements that
involve risks and uncertainties, and actual results
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may be materially different. Factors that could cause actual results to differ
are disclosed in the company's reports to the Securities and Exchange
Commission, including its Form 10-QSB and Form 10-KSB on file with the SEC.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
CASH TECHNOLOGIES, INC.
(Registrant)
By /s/ ROBERT GIELOW
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Robert Gielow
Chief Financial Officer
Dated: March 22, 1999
